Bitcoin May Stay in Downtrend Until End of 2024

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Current Situation Analysis
  2. Optimistic Scenario
  3. Moderate Scenario


    4. Popular cryptocurrency analyst Benjamin Cowen shared his opinion on the current situation with Bitcoin and possible trends for the near future.

    Current Situation Analysis

    According to well-known cryptocurrency analyst Benjamin Cowen, Bitcoin could continue its downtrend until the end of 2024. He links this to the US Federal Reserve's (FED) interest rate decisions.

    Optimistic Scenario

    The analyst believes that if the neutral rate is higher than the FED's expectations, the downtrend of Bitcoin could be broken with rate cuts. "If the FED lowers rates and they fall below the neutral rate, the downtrend may end in September. However, this is an optimistic picture,” Cowen noted.

    If the neutral interest rate is higher than the FED thinks, the downtrend could be broken in October as interest rate cuts come.Benjamin Cowen

    Moderate Scenario

    In a moderate scenario, the analyst predicts a continued decline until the end of the year. According to Cowen, to end the downtrend, a rate cut of approximately 75 basis points is needed, which is possible only by the end of the year. "Then we can start to rise again in January 2025," the analyst concluded.

    An interest rate cut of approximately 75 basis points is needed to end the downward trend. This can only happen by the end of the year.Benjamin Cowen

    Summarizing his thoughts, Benjamin Cowen noted that the cryptocurrency market will depend on the decisions of the US Federal Reserve, especially regarding interest rates.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Bitcoin Core Release Candidate Fixes SQL Connection Pool Deadlock

The latest release candidate addresses a deadlock issue in the SQL connection pool, crucial for node reliability.

user avatarElias Mukuru

Bitcoin Core's October 22 Release Candidate Enhances Wallet Security

The October 22 release candidate of Bitcoin Core introduces important changes to enhance wallet security by bounding fee estimates.

user avatarDiego Alvarez

Solana Launches Create for Branded Yield-Bearing Tokens

On October 22, Solana launched Create, a platform designed to simplify the issuance of branded yield-bearing tokens.

user avatarKenji Takahashi

Key Themes and Expectations for Ripple's Upcoming Conference

Key themes for Ripple's upcoming conference include payments, tokenization, stablecoins, and XRP utility, aiming to provide insights into financial relationships and technical settlement processes.

user avatarGustavo Mendoza

World Discusses Challenges in Transaction Risk Screening

World discusses the complexities of transaction risk screening, highlighting the need for thorough verification of participants and payment destinations.

user avatarRajesh Kumar

Ripple's Swell and Apex Conference Scheduled for October

Ripple's Swell conference is scheduled for October 27-29 in New York, merging with the Apex developer gathering to discuss payments, tokenization, stablecoins, and XRP utility.

user avatarMaria Fernandez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.